According to the Complaint, United States Cellular Corporation ("UScellular") is a wireless telecommunications service provider. UScellular is a subsidiary of Telephone and Data Systems, Inc. ("TDS").

The Complaint alleges, in part, that TDS and its subsidiary, UScellular, made materially false and/or misleading statements and/or failed to disclose that: (i) Defendants had no reason to believe UScellular’s “free upgrade” promotional activity, which was tested and trialed during the second quarter of 2022, was effective at reducing UScellular’s postpaid churn rate as they represented to investors, as opposed to merely adding new postpaid subscribers, when its churn rate was actually increasing or remaining constant over most quarters in the class period; (ii) UScellular was not making progress with respect to its churn rate, as it represented to investors; (iii) UScellular was not in fact balancing its promotional activity and its profitability; (iv) due to extreme competition among postpaid carriers, UScellular did not have the flexibility to offset the costs from widespread, expensive promotions with price increases; and (v) as a result of the Companies’ decision for UScellular to continue engaging in heavy promotions to address its postpaid subscriber churn rate despite any lack of positive impact on churn rate, UScellular’s profitability substantially declined.

On July 11, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on September 1. On September 6, 2023, Lead Plaintiff voluntarily dismissed all claims against three of the individual Defendants.

On October 16, 2023, Defendants filed a Motion to Dismiss the Amended Complaint. The Court issued an Order granting in part and Denying in part Defendants' Motion to Dismiss on November 1, 2024.

On April 25, 2025, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on May 8.